withdrew from bank for official use journal entry
Answers
Answer:
yes
Explanation:
In the accounting process, the first step is to reflect the business transactions in the form of journal entries in the books of accounts. Journal entries are based on the dual aspect system which calls for each debit entry to have an equal and opposite credit entry. Journal entries usually consider personal accounts, real accounts, and nominal accounts, etc.
Answer and Explanation:
Answer:
The journal entry for withdrawing cash from the bank is made below:
General Journal Debit Credit
Cash $XX
Bank $XX
Explanation:
As per the real account principle:
Debit what comes in and credit what goes out
As cash is being received, it is debited and as the balance in the bank account is reduced as cash is withdrawn, it is credited being a debit balance.